"This is not the outcome we hoped for when we began [the Chapter 11] process, and we are deeply saddened to move forward with winding down Pier 1."
The company is planning to operate during the court-supervised bankruptcy process.
The 131-year-old company cited the “extremely challenging” retail environment in announcing it would pursue a Chapter 11 liquidation of all its 134 stores.
The discount retailer has been reporting yearly losses since 2015.
A Chapter 11 filing would be the second for the shoe retailer in less than two years amid heavy debt and online competition.
The bankrupt retailer's "hand has not changed and the cards it holds are not winning ones," an analyst says.
Hasbro's shares rally as executives assure Wall Street they are "working aggressively around the world to put the impact of Toys R Us behind us."
The bankrupt retailer says it will shut down all its U.S. stores after a disastrous holiday season thwarted its turnaround effort.
A shift to online-only operations may be an option for the women's clothing chain, which has lost money for four straight years..
The suits seek to resolve a dispute between the insolvent retailer and its consignment vendors over $85 million worth of goods on its shelves.
An anomaly described in a recent IRS ruling says there is a big, but subtle, difference.
"Partial liquidation" doesn't sound so bad to shareholders who have enjoyed the tax benefits.
